Microwavable Foods Market Share, Size, Insights 2022 Revenue Expectation, Research Report by 2030
growing at a compound annual growth rate (CAGR) of 5.7% during the forecast period from 2022 to 2030.
New York, United States -The global microwavable foods market size was US$ 127,321.9 million in 2021. The global microwavable foods market size is forecast to reach US$ 220,935.7 million by 2030, growing at a compound annual growth rate (CAGR) of 5.7% during the forecast period from 2022 to 2030.
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Fast-paced lifestyles have forced individuals to seek more convenient alternatives, such as microwaveable foods, instead of traditionally cooked meals. Microwaveable foods require little preparation and can conveniently cook using a conventional microwave oven. This product line includes shelf-stable, chilled, frozen meals (beef, pork, poultry, seafood, vegetarian meals, frozen and chilled pizza) and soups. Foods like these have nutritional benefits as they do not contain extra fat during their preparation.
Factors Influencing Market Growth
There are several factors driving the global market, including the growth of nuclear families, the increase in the number of women working outside the home, a surge in disposable income, the rise in standards of living, and the rapid expansion of large retail chains.
The growing popularity of fast-food restaurants, also known as quick-service restaurants (QSRs), contributes to the global microwavable foods market growth.
Increasing health concerns owing to frozen, chilled, and shelf-stable foods and awareness of less nutrition in ready-to-cook food may slow down the overall growth of the global microwaveable foods market.
A number of microwavable food makers are expanding their R&D activities to advance freezing technology and expanding their fast food outlets in developing economies, which offers lucrative opportunities for the global market for microwavable food.
Impact Analysis of COVID-19
During the COVID-19 pandemic, footfall at retail outlets and grocery stores declined, and consumers stocked up on microwavable food such as frozen food based on concerns about food shortages. Due to the worldwide lockdown, online sales of microwaveable foods have significantly increased. In response to the COVID-19 crisis, many microwavable food companies increased production to meet customer demand. COVID-19, therefore, had a positive impact on the market for microwavable foods, as sales and production rose following the global COVID-19 pandemic in 2020.
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Regional Insights
Europe held dominance in the microwavable foods market and is forecast to show significant growth during the forecast period. The rise in working women and hectic lifestyles in Europe has led to impressive growth in the production and consumption of microwavable food. Additionally, as consumers in European countries become more aware of the nutritional quality of frozen microwavable foods, their consumption has increased.
North America is forecast to lead the microwaveable foods market during the forecast period. Due to the ease of meal preparation, traditional cultures of snacking, and the consumption of ready-to-eat foods, the global microwavable foods market is experiencing growth.
Leading Competitors
The leading prominent companies profiled in the global microwavable foods market are:
Ajinomoto Windsor, Incorporated
Campbell Soup Company
ConAgra Foods, Incorporated
General Mills Incorporated
Kellogg Company
McCain Foods
Nestle SA
Pinnacle Food Incorporated
The Kraft Heinz Company
Unilever Plc.
Other Prominent Players
Scope of the Report
The global microwavable foods market segmentation focuses on Product, Packaging Technology, Distribution Channel, and Region.
Segmentation based on Product
Shelf Stable Microwavable Food
Chilled Food
Frozen Food
Segmentation based on Packaging Technology
Patterned Susceptors Technology
New Tray-lidding Methods
New Cook Bag Technique
Segmentation based on Distribution Channel
Hypermarkets/Supermarkets
Convenience Stores
Online Sales Channel
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the key findings of the report?
•This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
•The report offers the current state of the market and future prospects for various geographical regions.
•This report provides both qualitative and quantitative information about the competitive landscape of the market.
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